Volvo Car Malaysia concluded the 2024 calendar year with a new sales mix record for its fully electric (BEV) segment which made up 30 percent of total retail sales, representing an increase of 18 percent compared to 2023.
Volvo Car Malaysia’s BEV and plug-in hybrid (PHEV) models made up 83 percent of total
retail sales for the year, compared to 71 percent in the preceding year. This is a milestone for the company’s wider global sustainability ambition to sell between 90 to 100 percent of ‘electrified’ cars by 2030, defined by models with a plug-in, high-voltage battery drivetrain.
Volvo Car Malaysia is a pioneer for electrification – both in Malaysia and within Volvo Cars’ global markets – by being one of the first to only offer either fully electric or hybrid electric variants of all new cars sold since 2020.
Currently, customers in Malaysia can choose between PHEV or mild-hybrid electric vehicle (MHEV) powertrains for models with an internal combustion engine. In 2024, Volvo Car Malaysia sold 1,953 cars of which MHEV models made up less than a fifth of the full-year sales mix. The previous year, MHEVs represented a third of the company’s annual sales.
Chris Tan, Sales Director of Volvo Car Malaysia, said, “While last year was a much more
competitive environment for the industry, we are pleased to continue driving our vision of personal, safe and sustainable mobility with the introduction of the new, fully electric Volvo EX30 that was well received locally – our first batch of fully imported units sold out before local assembly commenced.
We now have a focused portfolio of fully electric vehicles for Malaysia with our flagship seven-seater Volvo EX90 coming next.” The upcoming Volvo EX90 is the company’s largest all-electric SUV and incorporates Volvo Cars’ most advanced safety technology to date such as lidar, core computing, and occupant monitoring for drivers and passengers.
In 2024, Volvo Car Malaysia also expanded its scope and scale of exclusive customer
experiences and brand events, including a hands-on driving experience of the new Volvo
EX30 at launch, the first-ever Volvo Safety Driving Experience, and the inaugural Volvo
Padel Open.
Globally, Volvo Cars set a new sales record with 763,389 cars sold in 2024, an increase of 8 percent compared to 2023. The company also saw a significant increase in sales for its electrified cars, selling 175,194 BEV models and 177,593 PHEV models, an increase of 54 percent and 16 percent respectively compared to the previous year.
Combined, electrified cars accounted for 46 percent of all Volvo cars sold globally during
2024, while sales of fully electric cars alone accounted for 23 percent of the total, compared to 16 percent in 2023.
Full electrification remains a key pillar of Volvo Cars’ product strategy with five fully electric cars launched globally and another five models planned for future production. This year, the company will roll out a new user interface for all Volvo cars built as early as 2020 with an Android operating system, bringing user experience closer to its new generation of fully electric cars.
